2021 Income Tax Updates Quiz
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Questions and Answers

What was the effective date of the universal reversion of the Income Tax Acts?

  • 15 December 2021
  • 30 November 2021
  • 1 January 2022
  • 31 December 2021 (correct)

    • What is the reference for quoting relevant section numbers in assessments?

  • EA 1333
  • DA 1244
  • CA 1355
  • BA 1266 (correct)

    • What is the treatment for provisions related to stock obsolescence?

  • Only specific provisions are deductible (correct)
  • All provisions are deductible
  • Provisions are deductible without any conditions
  • Provisions are not deductible at all

    • When are other provisions considered deductible?

    <p>Only when the amount is actually incurred</p> Signup and view all the answers

    What has been done to the renumbered sections of the Tax Acts?

    <p>Struck off with the renumbered provision</p> Signup and view all the answers

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